While European operators such as Germany’s Deutsche Telekom AG (NYSE: DT) have warned investors that spending on 5G rollout across Europe could amount to hundreds of billions of dollars, not all analysts are convinced the arrival of 5G will trigger a surge in operator spending.

The use of lower spectrum bands — providing better wide-area and indoor coverage than the millimeter wave frequencies that operators are eyeing in other parts of the world — could help to reduce the bill significantly, as could the relatively newfound ability to upgrade networks through software modifications rather than new hardware investments.

“If I were a vendor I would base my business plan on the equipment market being smaller in the next five to seven years,” says Bengt Nordström, the CEO of the Northstream market-research and consulting group.